Weezy, who came in at No. 8, earned $27 million at the age of 29, and, according to Forbes, had his “most lucrative year” to date, thanks in large part to his latest album, Tha Carter IV, which moved nearly 1 million copies its first week last summer. But, the majority of his earnings for 2012 came from playing over 50 shows in the past 12 months, grossing upwards of $600,000 per night. Additionally, Tunechi launched his clothing line, Trukfit, and landed his first big, multimillion dollar endorsement deal with Pepsi’s Mountain Dew.

Friend to hip-hop, R&B chanteusse Rihanna, 24, also made the list for the very first time, landing at No. 3 with $53 million. Hits like “We Found Love” and “Talk Talk Talk,” as well as endorsement deals with Vita Coco and Nivea helped her earnings catapult the past 12 months, not to mention her fragrance, Reb’l Fleur and her heady touring schedule that includes over 85 shows in the past year. 18-year-old Justin Bieber, who occasionally dabbles in rapping, is the second highest-earner this year, making $55 million mostly from album sales (12 million since his 2009 debut) while his close friend, country singer Taylor Swift comes in at No. 1 with $57 million.